• Journal of Navigation and Port Research
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• v.43 no.2
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• pp.134-141
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• 2019

The objective of this study was to establish whether global macroeconomic indicators affect the profitability of Korean shipping companies by using panel regression analysis. OROA (operating return on assets) and ROA (ratio of net profit to assets) were selected as proxy variables for profitability. OROA and ROA were used as dependent variables. The world GDP growth rate, interest rate, exchange rate, stock index, bunker price, freight, demand and supply of the world shipping market were set as independent variables. The size of the firm was added to the control variable. For small-sized firms, OROA was not affect by macroeconomic indicators. However, ROA was affected by variables such as interest rates, bunker prices, and size of firms. For medium-sized firms, OROA was affected by demand, supply, GDP, freight, and asset variables. However, macroeconomic indicators did not affect ROA. For large-sized firms, freight, GDP, and stock index (SCI; Shanghai Composite Index) have an effect on OROA. ROA was analyzed to be influenced by bunker price and SCI.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.1-11
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• 2020

This study aims to investigate whether Corporate Social Responsibility (CSR) performance can help companies gain more bank unsecured loans. Additionally, this study analyzes the moderating effect of firm size and industry characteristics. Data was collected through the case of companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China between 2009 and 2018 with 5373 firm-year observations. The results of multivariable regression analysis show that good CSR performance exhibits a strong positive impact on unsecured debt, including short-term, long-term, and total unsecured debt, which indicates that corporate with good CSR performance can borrow more unsecured debt. further research shows that this effect is more pronounced for small enterprises and firms operating in heavy-polluting industries. Additionally, research on the impact mechanism finds that good CSR performance can help mitigate information asymmetry between borrower and lender, reduce moral hazard of borrower, and obtain support from key stakeholders, and therefore reduces the risk of default. The findings of this study suggest that firms with good CSR performance exhibit a preference for unsecured debt, but decline to provide collateral for debt. Overall, we emphasize and illustrate the important role of corporate CSR in bank credit financing.

• East Asian Journal of Business Economics (EAJBE)
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• v.9 no.1
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• pp.41-51
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• 2021

Purpose - The purpose of this study is to propose strategies of improving efficiency of 20 listed port companies in China based on analysis of their input-output indexes from 2014 to 2018. Research design, data, and methodology - In this paper, the relevant input-output indicators of 20 listed port companies in China from 2014 to 2018 were adopted. Data derived from the company annual reports announced by Shanghai stock exchange and Shenzhen stock exchange. Comprehensive efficiency and pure technical efficiency were measured from output perspective by DEA and Malmquist index, and efficiency changes and regional efficiency were analyzed. Result - The results showed that the efficiency value of 20 listed port companies in China fluctuated and increased during 2014-2018, regional efficiency was unbalanced, and change of MPI was influenced by internal factors and external factors. Listed port companies affected by internal and external factors needed to make appropriate response to internal and external factors. Conclusion - The research conclusion can provide important reference information about management and planning for port companies in China and related areas. However, this paper is limited to the availability of data. So the improvement scheme for listed companies in inefficient regional ports needs further study, such as using AHP method.

• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.73-92
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• 2022

Purpose - The purpose of this paper is to explore the relationship between corporate social responsibility (CSR) and corporate present and future value. Design/methodology/approach - This paper intends to prove the relationship between CSR and corporate value once again by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 2017. This paper also examines the effect of five dimensions of CSR on corporate value in China. Findings - Empirical evidence shows that CSR is conducive to corporate value. The fulfillment of social responsibilities improves firm value in the future. Further, the regression results show that the social responsibility of the non-state-owned enterprise (Non-SOEs) group has a more significant effect on corporate financial performance than on the state-owned enterprise (SOEs) group. Research implications or Originality - This study has limitations. First, the grouping is only divided into two groups of SOEs and non-SOEs, and we did not consider foreign investments, that is, foreign-funded enterprises, for the comparative analysis. Second, only the linear relationship between CSR and corporate value was tested. In the future, we must determine whether there exists a nonlinear relationship between the two key concepts. Finally, there exists no research on CSR and corporate value by specific industries. Thus, the relationship between the five dimensions of CSR and corporate value should be investigated by specific industries.

• Asia-Pacific Journal of Business
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• v.15 no.2
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• pp.181-205
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• 2024

Purpose - This study aims to examine the direct impact of corporate social responsibility initiatives on firm technological innovation and the moderating effect on the relationship between firm technological innovation and corporate value. Design/methodology/approach - This study collected 13,298 firm-year data by selecting A-share companies listed on the China Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010-2017. This study runs the multivariate regression using random effect generalized least squares (GLS) regression model. Findings - The research results of this study are as follows. First, corporate social responsibility initiatives do not increase the firm technological innovation, but rather reduce it. Second, firm technological innovation generally improves corporate value, whether it is book value or market value. Third, corporate social responsibility initiatives reduce the positive influence of firm technological innovation on corporate value. Research implications or Originality - There may be discussions on whether Chinese patent application data is a good indicator of the innovation of Chinese companies, but previous studies prove that the number of patent applications has a significant correlation with R&D expenditures or financial performance. However, there is a clear limitation in that it is not possible to confirm the result of registration after a patent application, but it is expected that such limitations can be overcome by using patent registration information or detailed citation documents in the future.

• International Journal of Quality Innovation
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• v.9 no.3
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• pp.15-27
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• 2008

As a sign of international quality system, ISO9000 certification has been adopted by more and more enterprises. In recent five years, there have been 560,000 certified companies in Europe and America, and there have been more than 390,000 ones in China. It has being attracted many quality scholars' attentions whether ISO9000 certification can bring more benefits to certified companies or not. This paper investigates the ISO9000 certification effect on market performance by the samples from Chinese list companies in shanghai stock exchange. Considering ISO9000 certification as an event, a certification effect model will be set up by means of the event study method, which takes abnormal return rate as a basic indicator to measure the ISO9000 certification effect on Chinese market performance in different event times. Investigation results show that the Chinese certified companies have some positive effects on market performance in the short term. From a long standpoint, the relation between certification and performance has a positive trend.

• The Journal of Economics, Marketing and Management
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• v.7 no.1
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• pp.1-14
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• 2019

Purpose - Currently, the economic globalization has become a common channel for China's enterprise to perform the international economic activities. Due to this background, this paper tries to analyze the influence of internationalization level on operation performance of enterprises. Research design, data, and Methodology - This paper aims at 296 companies going listed in Shanghai Stock Exchange and Shenzhen Stock Exchange. The data about the listed companies during the 12 years from 2005 to 2016 have been collected. Relevant theories, including the theory of comparative advantage, monopolistic advantage and product life cycle in developed countries as well as the small scale technology and state on localized technological capacities in developing countries, have been summarized to provide theoretical basis for the influence of international operation on operation performance of the enterprises. Moreover, the current status of international operation of China's enterprises, including the dynamic cause of the internationalization of China's enterprises, its competitive advantage and disadvantage as well as the interest and potential risk of the internationalization, have been also analyzed. Results - Via adopting the panel data to conduct an empirical analysis, It can be found that the relationship between international operation level and operation performance of China's enterprises can be expressed as the S-curve of declining, rising and declining again. Conclusions - This paper has taken the lead in using Ohlson corporate value model to fill the gap in the relevant researches in China. It can also provide guidance for the international operation of China's enterprises. Meanwhile, the two systems for international operation and performance evaluation index have been put forward. The performance of international operation can be classified as financial performance or corporate value so that the operation effect of those China's enterprises going abroad can be better evaluated.

• Journal of Service Research and Studies
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• v.14 no.2
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• pp.18-36
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• 2024

As interest in ESG has been increased, it is easy to find papers that empirically study that a company's ESG activities have a positive impact on the company's performance. However, research on what ESG activities companies should actually engage in is relatively lacking. Accordingly, this study systematically classifies ESG activities of companies and seeks to provide insight to companies seeking to plan new ESG activities. This study analyzes how Chinese manufacturing companies perform ESG activities based on their dynamic capabilities in the global economy and how they differ in their activities. This study used the ESG annual reports of 151 Chinese manufacturing listed companies on the Shanghai & Shenzhen Stock Exchange and ESG indicators of China Securities Index Company (CSI) as data. This study focused on the following three research questions. The first is to determine whether there are any differences in ESG activities between companies with high ESG scores (TOP-25) and companies with low ESG scores (BOT-25), and the second is to determine whether there are any changes in ESG activities over a 10-year period (2010-2019), focusing only on companies with high ESG scores. The results showed that there was a significant difference in ESG activities between high and low ESG scorers, while tracking the year-to-year change in activities of the top-25 companies did not show any difference in ESG activities. In the third study, social network analysis was conducted on the keywords of E/S/G. Through the co-concurrence matrix technique, we visualized the ESG activities of companies in a four-quadrant graph and set the direction for ESG activities based on this.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.175-192
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• 2021

Purpose - In this study, we investigate the effects of government environmental subsidies and the globalization Chinese firms on their profitability using return on assets (ROA). Design/methodology/approach - In this study, a merged data including accounting, financial market, subsidization of the Chinese governments, local and the central, and export activities of 19,563 year-firms, for those listed on Shanghai Stock and Shenzhen Stock Exchange for 11 years from 2008 to 2018 is used. We collect subsidy data from RESSET database and financial data from CSMAR database. Then, we empirically test the test hypotheses using fixed effects models (FEM) separately and in a simultaneous equation model (SEM). Findings - Firstly, the globalization of Chinese firms has a negative impact on their profitability for some years after the year. Secondly, environmental subsidies just like other subsidies have ameliorating effects on financial performance for global firms. Such effects have lasted some years. Thirdly, environmental investments have a mostly negative impact on short- and long-term profitability for global firms. Lastly, the government's environmental subsidies in China have a positive effect on their profitability for both global and domestic firms. Research implications or Originality - We can infer that environmental investments with the help of the governmental subsidies can help Chinese firms deploy global strategies to expand markets to surpass competitors in the long run despite worsening profitability in global markets in the short run.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.422-427
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• 2013

The cognition for corporate social responsibility of Chinese companies is negative because it increases cost and causes reduction of profit. But interest and execution for corporate social responsibility of Chinese firms is increasing consistently. Purpose of this study is to find effect of corporate social responsibility on firm value to Chinese enterprises. To achieve this purpose, we performed multiple regression method to 647 firms listed on the Shanghai Stock Exchange of China in 2011. Dependent variable is firm value and independent variable is degree of execution of corporate social responsibility to stakeholders. Conclusions of this study are as follows. First, execution of corporate social responsibility for employees, bondholders, government appeared to have a significant positive effect to firm value at 1% significance level. Second, execution of corporate social responsibility for customers appeared to have a significant negative effect to firm value at 1% significance level. Third, execution of corporate social responsibility for stockholders, suppliers appeared to have a weak positive effect on firm value, however these variables showed statistical insignificant.